Locations
Tribe Property Technologies (TRBE-X) has announced a rebrand for its newly acquired property management subsidiary, consolidating its operations under the name DMS and creating a new logo for the division.
The acquisition of the former DMSI Holdings Ltd., closed earlier this summer. Tribe acquired the firm for approximately $13 million, and on closing became Canada’s second-largest multifamily rental management company.
DMSI had been a privately held company owned by Rob Watt, Paul Smith and Tridel Corporation - a shareholder of Tribe Property Technologies.
Tribe’s multifamily management portfolio now encompasses over 19,000 housing units and more than 22 million square feet of space. The acquisition allows Tribe to become more of a national operator across Canada.
Tribe strata and condo teams also manage over 40,000 housing units across the country.
"We are pleased with the progress of our recently acquired subsidiary, DMSI Holdings, and its rebrand and service expansion under the unified DMS brand,” Joseph Nakhla, the CEO of Tribe, said in the announcement. “This rebranding marks a significant milestone in our growth strategy, allowing us to provide a unified service offering across Canada while continuing to build upon our position as a leader in property management.
“Tribe's collective services now include strata and condo management, multifamily property and REIT rental management, student housing, commercial property management, single-unit and rental portfolio management, and project management services for complex capital projects."
DMSI's 2023 revenue over $12 million
DMSI reported revenues of just over $12 million during its fiscal 2023, and before-tax income of approximately $2.4 million.
As part of the rebrand, DMS has begun rolling out its new logo and branding across all company assets and will continue to serve its private- and public-sector clients with its property management services, which include multi-residential, retail, industrial, office and land management.
This brand consolidation and service expansion aligns with Tribe's growth plans.
"As a key part of the Tribe team, we have now consolidated our business under the DMS brand, and all of our service divisions will be represented by our refreshed DMS logo,” Rob Watt, the chief operating officer of DMS, said in the announcement. “We are pleased that the DMS brand will continue to build from strength under the Tribe umbrella and we look forward to growing our presence across Canada."
DMS is also expanding its project management services to all property management clients served by Tribe, including rental and condo projects across Tribes' national footprint, opening new markets for DMS.
DMS project management services
The DMS project management team develops and delivers long-term capital plans for clients, identifying major repair or replacement projects necessary to maintain asset integrity, mitigate liability, and ensure life, health and safety.
The service will be an add-on offering to Tribe's current and future clients, managing projects ranging from new boilers to full-building window replacements.
"Expanding this service across Canada allows us to better support complex capital projects for our clients, while our property management teams focus on the operational work they excel at,” Scott Ullrich, the EVP of management services at Tribe, said in the release. “Although they function as separate business units, their proximity allows for seamless collaboration to meet our clients' needs."
In 2023, Tribe reports that in British Columbia alone there was approximately $2 billion worth of capital projects undertaken by strata corporations, not including rental or commercial projects.
About Tribe Property Technologies
Tribe is a property technology company which calls itself a disruptor in the property management industry. The growing, tech-forward firm offers an integrated service-technology delivery model which it says serves the needs of a wide variety of stakeholders.
Tribe seeks to acquire highly accretive targets in the fragmented North American property management sector, then streamline and digitize their operations.
Industry Events
Toronto
Locations
